Just took some money off the table after a 65% gain in five months. The ad revenue growth we saw in the 3rd q so far is not carrying over to print and preprint this month, from the papers we measure. Just an FYI.
Longtime, it looks like so far ad/preprint revenue is -2.5% to last year through first 9 days of the month. Not huge, but sometimes these larger buys come in quarter by quarter so not a good way to start. One proviso, more preprint revenue is moving to non-subscribers (harder to track), and the online revenue is nearly impossible for us to nail accurately. It's becoming more of a "feel" and less accurate over time, due to the invisble revenue shifts. Our MOE has been acceptable but has been growing.